Report claims Wagamama could face £530m takeover bid

A leading financier is eyeing up a £530m takeover of restaurant chain Wagamama, it has been claimed.

Edi Truell, a former adviser to Boris Johnson, is said to be interested in buying the noodle chain, according to The Times. He is believed to be working on a joint bid with a restaurant operator, it said in a report over the weekend.

The article claimed that Mr Truell was one of a “handful of suitors to have made tentative approaches” for the chain in recent months.

It said speculation was mounting that the business will soon be put up for sale.

Wagamam, which operates 160 restaurants globally, including 120 in the UK, is currently owned by investment firms Hutton Collins and Duke Street, and has been since 2011. Mr Truell actually set up Duke Street in 1998, the report said, but left the business in 2007.

Under Duke Street’s ownership, Wagamama has launched around 15 new restaurants each year, strengthened its management team and developed an international strategy based around growth in the US.

Mr Truell advised the former London mayor on pensions and investments and has been a prominent donor to the Conservative Party, The Times reported.

Wagamama posted a 16% increase in sales during its last third quarter, attributing the growth to a £7m investment in new sites and kitchens.